Panzani and Cerealis Agree to Combine, Forming Major European Food Group
French pasta maker Panzani and Portuguese food company Cerealis are in exclusive negotiations to merge. The combined entity would achieve annual revenues of approximately €1 billion and employ nearly 1,800 people.
Panzani, a French food manufacturer, and Cerealis, based in Portugal, have entered exclusive negotiations to combine their operations and create a new, independent European food group. The proposed merger, supported by Cerealis's founding families, Sofina, and CVC Capital Partners, aims to establish a company with an enterprise value of around €1.8 billion and a consolidated annual revenue of approximately €1 billion. The combined entity is expected to employ nearly 1,800 individuals.
The plan would unite two established food producers with complementary geographical footprints, product portfolios, and industrial expertise. Panzani, headquartered in Lyon, generated €620 million in revenue in 2025, with a strong presence in pasta, couscous, and sauces across France, the Netherlands, and Central Europe. Cerealis, based in Porto, reported €400 million in revenue for 2025, offering pasta, breakfast cereals, cereal bars, and biscuits in Portugal, Spain, the Czech Republic, and Poland.
This combination is expected to unlock new growth avenues by leveraging the companies' respective strengths. Complementary product ranges would allow for expansion into new categories, while the broadened geographic reach offers opportunities to introduce established brands into additional European markets. The growth strategy will be supported by ongoing investments in production facilities, brands, and innovation, aiming to enhance customer offerings and contribute to the resilience of the European food supply chain.
Panzani and Cerealis intend to maintain a decentralized operating model, preserving the operational and industrial autonomy of both entities. Panzani will remain a French company led by CEO Albert Mathieu, while Cerealis will continue as a Portuguese company under CEO Paula Meireles. Pedro Moreira da Silva, currently Deputy CEO of Cerealis, is slated to lead the overall merged group and drive cross-company initiatives.
The transaction remains subject to the consultation of relevant employee representative bodies and the obtaining of necessary regulatory approvals. The shareholder structure post-completion will include Cerealis's existing investors (families Moreira Da Silva, Silva Domingues, and Sofina) alongside CVC Capital Partners, which will hold a minority stake.